B/E Aerospace, Inc. (NASDAQ: BEAV), the world's leading manufacturer of aircraft cabin interior products and the world's leading provider of aerospace fasteners, consumables and logistics services, today announced its second quarter 2014 financial results. Except as otherwise noted, the second quarter 2014 and six month 2014 results and commentary in this release are adjusted to exclude acquisition and strategic review related costs aggregating $12.8 million in the second quarter 2014, and $15.0 million in the six month 2014 period, as described in "Reconciliation of Non-GAAP Measures."
SECOND QUARTER 2014 HIGHLIGHTS COMPARED WITH SECOND QUARTER 2013
- Revenues increased 28 percent.
- Operating earnings increased 25 percent.
- Earnings before income taxes increased 30 percent.
- Earnings per diluted share increased 27 percent.
SECOND QUARTER CONSOLIDATED RESULTS
Second quarter 2014 revenues of $1.09 billion increased 28.1 percent as compared with the prior year period.Second quarter 2014 operating earnings were $198.1 million, an increase of 24.8 percent, and operating margin was 18.2 percent. On a GAAP basis, operating earnings were $185.3 million. Second quarter 2014 earnings before income taxes were $166.4 million, an increase of 29.8 percent. On a GAAP basis, earnings before income taxes were $153.6 million. Second quarter 2014 net earnings and earnings per diluted share were $117.6 million and $1.13 per share, representing increases of 27.3 percent and 27.0 percent, respectively, as compared with the prior year period. On a GAAP basis, net earnings and earnings per diluted share were $108.6 million and $1.04 per share. Commenting on the Company's recent performance, Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace said, "I am pleased to report that our second quarter 2014 results were the best quarterly results in the Company's history. Our results included record quarterly revenues, operating earnings, net earnings and earnings per share."